Revisor Home

previous nextEffective 28 Aug 2001

Title XXXI TRUSTS AND ESTATES OF DECEDENTS AND PERSONS UNDER DISABILITY

  Chapter 469back to chapter 469

  469.421.  Mandatory income interest, undistributed income, paid when. — 1.  For purposes of this section, the phrase "undistributed income" means net income received before the date on which an income interest ends.  The phrase does not include an item of income or expense that is due or accrued, or net income that has been added or is required to be added to principal under the terms of the trust.

  2.  When a mandatory income interest ends, the trustee shall pay to a mandatory income beneficiary who survives that date, or the estate of a deceased mandatory income beneficiary whose death causes the interest to end, the beneficiary's share of the undistributed income that is not disposed of under the terms of the trust unless the beneficiary has an unqualified power to revoke more than five percent of the trust immediately before the income interest ends.  In the latter case, the undistributed income from the portion of the trust that may be revoked shall be added to principal.

  3.  When a trustee's obligation to pay a fixed annuity or a fixed fraction of the value of the trust's assets ends, the trustee shall prorate the final payment if and to the extent required by applicable law to accomplish a purpose of the trust or its settlor relating to income, gift, estate or other tax requirements.

­­--------

(L. 2001 H.B. 241)


< end of effective 28 Aug 2001 >

use this link to bookmark section 469.421


In accordance with Section 3.090, the language of statutory sections enacted during a legislative session are updated and available on this website on the effective date of such enacted statutory section. Revisor Home    

Other Information
 Recent Sections Editorials May Be Cited As Tables & Forms Multiple Enact
Repeal & Transfer Definitions

Site changes Contact
Other Links
Oversight Library MO WebMasters
Senate
Missouri Senate
State of Missouri
MO.gov
House
Missouri House
 Errors / suggestions - WebMaster@LR.mo.gov 
Marie Elizabeth Oliver
History and Fun Facts
 ©Missouri Legislature, all rights reserved.
google bing

 6